Hello all...hoping to retire 2024

[fisemper]

Hi all! I just found this forum today. I have been planning my retirement for more than 10 years! I am looking at full retirement in mid 2024 with a 55K pension from the military. I hope this is enough to get me by since my monthly expenses are set at 3K or 36K per year. I plan on purchasing a house when I retire so that is my only downfall. However I should have ~950K cash if I do not do any more investing as of today. I plan on hitting the markets heavy once we know more about how companies are reacting to the current situation. Enough about me to start, I look forward to advice from other retired folks, especially military on their journey!

 

[Dtail]

Welcome to our site and congrats.
Is your pension cola'd and I assume you have Tricare?
What price range are you looking at for the house purchase?

 

[WyomingLife]

Oorah, welcome and thank you for your service.

 

[fisemper]

Welcome to our site and congrats.
Is your pension cola'd and I assume you have Tricare?
What price range are you looking at for the house purchase?

Hi. All military is tied to SSA cola so there will be raises when waranted by SS. I will be 45 then and tricare will be an option. Cost for now is unknown, but living a healthy organic lifestyle is the plan. I have gone back and forth if I want to pay cash or get a mortgage, but I am shooting for 350K +/- depending on house and location. Cheers!

 

[Nords]

Hi all! I just found this forum today. I have been planning my retirement for more than 10 years! I am looking at full retirement in mid 2024 with a 55K pension from the military. I hope this is enough to get me by since my monthly expenses are set at 3K or 36K per year. I plan on purchasing a house when I retire so that is my only downfall. However I should have ~950K cash if I do not do any more investing as of today.

Hi. All military is tied to SSA cola so there will be raises when waranted by SS. I will be 45 then and tricare will be an option. Cost for now is unknown, but living a healthy organic lifestyle is the plan. I have gone back and forth if I want to pay cash or get a mortgage, but I am shooting for 350K +/- depending on house and location. Cheers!

Welcome, fisemper, and let me know if you have questions about your next four years.

We (the military members of E-R.org) wrote the book on military financial independence-- I'd suggest looking for it at your local public library or one of the military base libraries.

When you plan your someday home purchase, keep in mind that lenders don't care about your assets. They're only interested in your cash flow. The VA loan guidelines allow a little more flexibility on debt-to-income ratios, but again the lenders who offer VA loans also do not care about assets.

 

[Tekward]

Welcome fisemper. Congrats! I'm retired military also and honestly I think you have the financial side well covered. I hope you are as well prepared for the transition to CivLant.


Achieving a major life goal can lead to letdown (what's next) and search for meaning (why). I've seen too many Navy guys take down their sails and lose momentum.


Some people want a life time of Saturdays but that is a big down shift from military optempo. I'm still figuring it out, but providing a service is a key.

 

[fisemper]

Welcome, fisemper, and let me know if you have questions about your next four years.

We (the military members of E-R.org) wrote the book on military financial independence-- I'd suggest looking for it at your local public library or one of the military base libraries.

When you plan your someday home purchase, keep in mind that lenders don't care about your assets. They're only interested in your cash flow. The VA loan guidelines allow a little more flexibility on debt-to-income ratios, but again the lenders who offer VA loans also do not care about assets.

Nords,
Appreciate the comments. I've looked at your site and will grab a copy of the book. I'm thinking best bet is to either buy while starting terminal or buy outright. I'll have to look more at the pro/cons of the latter.

 

[fisemper]

Welcome fisemper. Congrats! I'm retired military also and honestly I think you have the financial side well covered. I hope you are as well prepared for the transition to CivLant.


Achieving a major life goal can lead to letdown (what's next) and search for meaning (why). I've seen too many Navy guys take down their sails and lose momentum.


Some people want a life time of Saturdays but that is a big down shift from military optempo. I'm still figuring it out, but providing a service is a key.

Hi Tekward. I have a bit of an advantage if you want to call it that. I've bounced back and forth between active and civilian (7 year gap) which included a short stint as a GS worker. I would love to have a small farm, not for any commercial use but as an off-the-grid type. Hopefully that will keep me busy between hunting and fishing seasons!